preexisting duty rule

noun

pre·​exist·​ing duty rule
: a common-law rule of contracts: a party's offer of a performance already required under an existing contract is insufficient consideration for modification of the contract

Note: This rule is not applicable to sales contracts in jurisdictions that have enacted the Uniform Commercial Code. It is also not applicable where there has been a rescission of the contract followed by a new contract.

Dictionary Entries Near preexisting duty rule

Cite this Entry

“Preexisting duty rule.” Merriam-Webster.com Legal Dictionary, Merriam-Webster, https://www.merriam-webster.com/legal/preexisting%20duty%20rule. Accessed 22 Jul. 2024.

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